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Blanket mortgage
(redirected from Blanket Mortgages)

   Also found in: Financial, Wikipedia 0.01 sec.
1.One that covers a group or class of things or properties instead of one or more things mentioned individually, as where a mortgage secures various debts as a group, or subjects a group or class of different pieces of property to one general lien.


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Blanket mortgages frequently ore incurred by subdividers or developers who hove purchased a single tract of land for the purpose of dividing it into smaller parcels for sale or development.
Under guidelines announced last week by Fannie Mae president Larry Small, both co-op share loans as well as underlying blanket mortgages will have previous restrictions relaxed.
 
 
 
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